DALLAS, Aug. 28, 2018 -- Modo, the payments technology startup focused on creating interoperability between payment systems, today announced their partnership with the leading international airlines of the UAE, Etihad Airways, to co-create a unique loyalty solution for the airline industry as part of the FinTech Abu Dhabi Innovation Challenge (the Innovation Challenge).
The annual Innovation Challenge, an initiative by Abu Dhabi Global Market (ADGM), is held in collaboration with KPMG Lower Gulf Limited (KPMG LG)/KPMG Digital Village to support the development of fintech in Abu Dhabi and the wider MENA region, and serves as a catalyst for collaboration between corporate institutions and fintech startups. Selected startups by KPMG Digital Village are tasked to develop a prototype solution addressing real business issues identified by UAE-based institutions (Corporate Champions).
Modo and Etihad Airways are working closely to deliver an innovative solution focusing on the redemption of Etihad Guest Miles to be showcased at the FinTech Abu Dhabi Summit on September 17, 2018.
Modo provides a cloud-based utility for quickly connecting existing payment systems without requiring changes to those systems. Modo's technology empowers consumers with omni-channel shopping experiences where loyalty points can be used to checkout at the point-of-sale, online, and via mobile commerce. Making loyalty point redemption more convenient for consumers, by creating interoperability between loyalty programs and every day commerce, allows for a unique and valuable experience that benefits the consumer, merchant, and loyalty program provider. Modo is working with Etihad to transform the Etihad Guest Miles into a currency which allows seamless and easy payment for multiple products and services.
Yasser Al Yousuf, Managing Director of Etihad Guest said: "Etihad currently manages two separate booking streams - one for standard bookings, and a separate one for redemptions, making it even more challenging to ensure consistency of branding and experience. We will now be able to plug the 'Pay with Miles' widget on the Etihad Website, allowing us to have a single booking experience for Etihad and other airline partners, but also will be able to work with many other on-line partners to allow Etihad Guest members to choose to pay using their Etihad Guest Miles at check-out, simply by clicking on this widget."
"Modo has a strong roster of clients, but Etihad is our first experience working in the Middle East. We are excited to bring Modo's utility to a new part of the world, and to be doing it with a well-respected company. Since Modo is offering a payments utility, we are uniquely positioned to work with Etihad to enable the redemption of Etihad Guest Miles anywhere while continuing Modo's vision of enabling interoperability through payments and commerce," said Brian Billingsley, Chief Revenue Officer of Modo.
"Our goal at KPMG Digital Village is to facilitate the partnerships between corporations and startups. Our client, Etihad Airways, was looking to enhance their loyalty program, and we knew of the work Modo had been doing in the United States and Europe surrounding Checkout interoperability and redeeming loyalty points at the in-store and online point-of-sale. After speaking with Modo, it was clear we had a solid match for the FinTech Innovation Challenge with Modo and Etihad Airways," said Umair Hameed, Partner, Financial Services, KPMG LG.
The product of the collaboration between Modo and Etihad Airways will be presented on September 17th at the FinTech Abu Dhabi Innovation Challenge Demo Day at Fairmont Bab Al Bahr, Abu Dhabi.
About Innovate@Etihad
Since Etihad Aviation Group's inception in 2003, innovation has been a core part of the company's DNA, establishing it as one of the fastest growing airlines in aviation history. Innovate@Etihad was introduced in February 2018 through the establishment of the Innovation Committee, which oversees all innovation initiatives at Etihad Aviation Group. Innovate@Etihad is mandated to support and drive the accelerated delivery of meaningful innovation within the organisation through internal capability development and active external engagement of partners, both in Abu Dhabiand globally.
About Modo
Modo is a Dallas-based payments technology company that focuses on reducing friction in payments by creating interoperability. Modo's payments utility allows for better, faster connections between systems without requiring changes to any source or endpoint. They are currently creating interoperability for Bank of America, Deutsche Bank, Mastercard, Alliance Data, FIS, Verifone, and Klarna using their Payout, Checkout, and Payin solutions. For more information, check out www.modopayments.com.
About KPMG Digital Village
True innovation begins with revolutionary ideas, but, to deliver real business results, it needs to work hand-in-hand with business adoption and risk management. At KPMG Digital Village, we bring corporates, start-ups, investors, and government bodies together in a collaborative ecosystem to drive the adoption and integration of innovative solutions. Like a living lab for innovation, we assist co-innovation with an aim to turn innovative ideas into tangible and practical solutions.